28.05.2015 - Iron ore rebounds but outlook remains grim
A recent rebound in iron ore prices has done nothing to sway the downbeat outlook from forecasters, with Atlas Iron declaring lower price assumptions will see it write $130 million to $160 million off the value of development assets, and Citi slashing its long-term forecast to $US55 a tonne. The Atlas writedowns come after the company this month survived the dual pressure of low prices and a highly geared balance sheet by striking plans to raise $180m of equity and agreements with contractors to lower operating costs to let it restart its suspended West Australian mines...........................................Full Article: Source
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